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Vancouver-based QLT lays off nearly half its staff

Vancouver-based QLT lays off nearly half its staff

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Vancouver-based QLT Inc. will slash its workforce by 42 per cent , the company announced Thursday.

The biotechnology company that makes eye treatments said it is restructuring following the sale of its flagship product Visudyne, a treatment for age-related blindness, to Valeant Pharmaceuticals International for US $112.5 million.

The sale was announced in September, following a downsizing of the company's workforce to just 68 employees in July.

QLT said the plan will reduce annualized expenses by $3.8 million.

"QLT's Board of Directors wishes to sincerely thank all of our departing employees for their dedicated and loyal service to the company. Each of their contributions has been instrumental to our consolidation of development activities and transition of Visudyne to Valeant," said Jason Aryeh, chairman of QLT.

The departing staff will leave the company during the first half of 2013, QLT said.

QLT develops a synthetic retinoid program for the treatment of certain inherited retinal diseases. It is publicly traded on NASDAQ (QLTI) and the Toronto Stock Exchange (QLT.)

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